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Are HUD "Fairness" Policies Driving Prices Down In Some Markets?
HUD could be causing prices to tumble further as an unintended consequence of its attempts to be fair in assigning properties to listing agents in some communities.
While a particular community may be geographically close to another city, that city may belong to an MLS system that doesn't really serve the market area that the community belongs to. Case in point: Red Rock, Arizona.
Red Rock is a master-planned community north of Tucson by about 30 minutes. It really is a bedroom community for the Tucson region. Residents shop in Marana & Oro Valley in the NW sector of the Tucson Metro. Nevertheless, there is about a 50/50 split with agents in Casa Grande (which belongs to ARMLS - really serving the greater Phoenix region for the most part), and agents belonging to the Tucson MLS (TARMLS).
From a geographic standpoint, it looks like a fair division of property allocations. Casa Grande is about the same distance/drive time from Red Rock as Tucson is. HOWEVER, by doing so, putting these properties into an MLS that really serves a different region causes these properties to languish on the market much longer. People looking for properties in Red Rock generally see them through ... more
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